Veradermics (NYSE:MANE) Stock Jumps 3.4% – Here’s What Happened

Shares of Veradermics, Incorporated (NYSE:MANE) rose 3.4% during trading on Wednesday. The stock traded as high as $113.12 and last traded at $112.6880. 218,964 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 616,706 shares. The stock had previously closed at $108.96.

Wall Street Analyst Weigh In

MANE has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Veradermics in a research note on Friday, August 21st. Lifesci Capital initiated coverage on Veradermics in a report on Tuesday, June 16th. They set an “outperform” rating and a $135.00 price target for the company. UBS Group set a $170.00 price objective on Veradermics in a research report on Wednesday, July 15th. Jefferies Financial Group upped their target price on Veradermics from $138.00 to $182.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, B. Riley Financial initiated coverage on Veradermics in a research note on Wednesday, July 15th. They set a “buy” rating and a $170.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $153.00.

Veradermics Price Performance

The firm has a fifty day simple moving average of $107.19 and a 200-day simple moving average of $99.38. The firm has a market cap of $4.67 billion and a P/E ratio of -58.87.

Veradermics (NYSE:MANE) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.58) EPS for the quarter, meeting the consensus estimate of ($0.58). On average, equities analysts predict that Veradermics, Incorporated will post -2.74 earnings per share for the current year.

Insider Buying and Selling at Veradermics

In related news, CEO Reid Alexander Waldman sold 67,500 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $107.86, for a total value of $7,280,550.00. Following the transaction, the chief executive officer owned 170,824 shares of the company’s stock, valued at approximately $18,425,076.64. This trade represents a 28.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Montanova Capital, Llc sold 750,000 shares of Veradermics stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total value of $80,437,500.00. Following the transaction, the director owned 461,033 shares of the company’s stock, valued at $49,445,789.25. This trade represents a 61.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 961,000 shares of company stock valued at $103,120,220 over the last ninety days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MANE. Private Capital Advisors Inc. raised its position in Veradermics by 158.4% in the 3rd quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company’s stock valued at $763,000 after buying an additional 3,856 shares during the last quarter. Arizona State Retirement System bought a new position in shares of Veradermics during the second quarter valued at about $524,000. Seven Fleet Capital Management LP bought a new position in shares of Veradermics during the second quarter valued at about $9,835,000. Montanova Capital LLC purchased a new position in Veradermics during the second quarter worth about $512,533,000. Finally, Wellington Management Group LLP bought a new stake in Veradermics in the 2nd quarter worth about $8,425,000.

Veradermics Company Profile

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for dermatologic diseases. The company’s research and development efforts are aimed at addressing conditions that affect the skin, hair and nails, with an emphasis on treatments designed to improve patient outcomes and quality of life.

Veradermics is advancing a pipeline of investigational dermatology products across multiple disease areas. Its activities include the discovery, clinical development and potential commercialization of prescription therapies for conditions with unmet medical needs.